Xinjiang Autonomous Region-based Chinese steelmaker Bayi Iron & Steel Group (Bayi Steel), has announced that in the first half of the current year it registered an operating revenue of RMB 6.054 billion ($0.95 billion), down 44.01 percent year on year, with a net loss of RMB 811 million ($126.72 billion) compared to a net loss of RMB 720 million in the same period of 2014.
In the first half this year, Bayi Steel produced 2.56 million mt of crude steel and 2.60 million mt of finished steel, down 33.16 percent and 29.16 percent year on year, respectively.
Bayi Steel stated that the slowing economic growth in China and slack demand from downstream users were the main reasons for the downtrend of finished steel prices, which caused the company to incur a loss in the given period.